As the luxury property market in Dubai sees a substantial jump, one of Dubai’s exclusive Marsa Al Arab villas has been sold for AED67 million ($18.24m) – 30 percent above its original price tag by Luxhabitat Sotheby’s International Realty.
This resale price was approximately AED20m ($5.45m) above the mansion’s original sale price of AED47m ($12.8m). The villa was purchased by a UK national.
“In today’s market, the more exclusive a property is, the more highly sought after it becomes,” the CEO of Luxhabitat Sotheby’s International Realty George Azar said. “Unique products like Marsa Al Arab can fetch a 30 percent premium because the high-net-worth private buyers only want something rare and eccentric.”
The Marsa Al Arab Villas are an exclusive group of nine villa mansions situated next to the Burj Al Arab.
In the past two years, the only villa to have come on the market was the one recently managed by Luxhabitat Sotheby’s International Realty.
Many Western investors are currently attracted to the luxury property market in Dubai because of the market’s demonstrated ability to recover from the economic hardships imposed by the pandemic.
Dubai’s property market has experienced steady growth in the first half of 2021.
The market saw a 40.2 percent increase in the volume of transactions when compared to H2 2020 and a 55.87 percent increase in the value of transactions when compared to the same period.
George Azar, CEO of Luxhabitat Sotheby’s International Realty.
Additionally, the first five months of 2021 saw 22 homes valued at greater than $10 million sold in Dubai – a figure that had not been reached since 2015.
In Q2 2021, the primary off-plan market produced a total of 6,007 transactions totalling AED9.16bn ($2.49bn), while the secondary market boasted 9,590 transactions with a total worth AED27.66bn ($7.53bn).
Luxhabitat Sotheby’s International Realty also just closed a sale for a Jumeirah Bay Island mansion at AED121m ($32.94m), breaking the record for the most expensive property sold in 2021 to date.
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